Well maybe not no news, but it will certainly be a relief to the super industry that the 2017 Federal Budget has largely left super untouched.
The super related measures in the budget include:
- From 1 July 2018, allowing members aged 65+ to contribute up to $300K into super from the proceeds of the sale of their home (provided they’ve held their home for 10+ years). Such contributions will not count for the non-concessional cap and will be exempt from the work test.
- Allowing members who make voluntary concessional contributions to super to withdraw such amounts (plus deemed earnings) to pay for a first home deposit. The withdrawals will be taxable at a maximum rate of 15%. This measure is limited to contributions of $15K a year and $30K in total.
- Integrity measures relating to the new super laws and limited recourse borrowing arrangements. Treasury has already released draft laws for this measure.
- Amending the non-arm’s length income rules to ensure they capture non-arm’s length expenses as well as income. Presumably, this measure is partly aimed at non-commercial loans under limited recourse borrowing arrangements.
To discuss this further or for more information please contact:
Phil Broderick
Principal
Sladen Legal
T +61 3 9611 0163 l M +61 419 512 801
Level 5, 707 Collins Street, Melbourne, 3008, Victoria, Australia
E: pbroderick@sladen.com.au
Melissa Colaluca
Associate
Sladen Legal
T +61 3 9611 0161
Level 5, 707 Collins Street, Melbourne, 3008, Victoria, Australia
E: mcolaluca@sladen.com.au
